topic Fixed Asset disposal in Business & farm

Fixed Asset disposal

Countingcat — Wed, 11 Feb 2026 03:10:00 GMT

I took a full 179 deduction on a fixed asset in 2021. The item no longer works and has been retired. Is there any special treatment since it has not yet reached its useful life?

Re: Fixed Asset disposal

ThomasM125 — Fri, 16 Feb 2024 01:58:13 GMT

No, since you didn't sell it or convert it to personal use, you don't need to recapture any depreciation or factor it into a gain on property sold. You can remove it from your TurboTax program by indicating it has been retired. Enter $0 for the sale proceeds. You do this by editing your business and going to the depreciation and assets section. Edit the asset and indicate that it has been retired.

Re: Fixed Asset disposal

Countingcat — Fri, 16 Feb 2024 11:48:20 GMT

Thank you.